Tariffs and staffing stability remain key factors shaping healthcare and MedTech M&A in 2025.
In a recent interview with Healthcare Brew, Bryan Hughes, Managing Director of PMCF Investment Banking, cited PMCF’s Q2 2025 Medical Technology Pulse, which found there were 104 MedTech transactions in Q2 2025, compared to 128 in Q2 2024.
“What we’ve seen is it’s really paused a lot of discussions around potential M&A activity, as well as other investments,” Hughes said.
Hughes, who leads PMCF’s healthcare team, said firms are still navigating transactions despite uncertainty. Still, PPE products like gloves, masks, and gauze, which are mostly imported, could be affected by potential tariffs.
There’s “much less room to absorb some of that cost pressure” for PPE, Hughes said.
Workforce Stability
Concurrently, in the healthcare sector, home-based care transactions are witnessing a shift in buyer focus on workforce stability. Mike Brooks, PMCF Vice President, highlighted in an interview with Home Health Care News that buyers are now seeking companies with low turnover and a scalable workforce pipeline to manage immediate labor gaps while achieving economies of scale.
“Specific areas of increased M&A activity include non-medical care due to its ability to scale with lower clinical staffing requirements, and cross-subsector deals between home health and non-medical, allowing acquirers to diversify across services or leverage technology-enabled models to increase existing staff utilization,” Brooks said.
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